1.
Consumer prices rose less than expected. CPI
rose 0.2% month-over-month and 1% year-over-year, below
economists' forecasts of a 0.3% increase month-over-month, and a
1.1% increase year-over-year, according to
Bloomberg. Compared to the prior year, core CPI rose
2.3%, and 0.2% month-on-month. Notably, that rate
compared to a year ago is above the Federal Reserve's target of
2%, although it prefers to use personal consumption expenditures
as a gauge of inflation.

2. Retail
sales came in better than expected. Retail sales
rose by 0.6% in June, above expectations of a 0.1%
increase. Sales rose at most of the kinds of
businesses tracked by the department, with a 1.1% increase in
receipts at online merchants and a 0.7% increase at health and
personal care outlets. Notably, Bloomberg News'
Matt Boesler pointed out
on Twitter that US non-store retail sales grew at the
fastest pace in the 12 months through June since 2006.

3.
Industrial production rose less than
expected. According to the Federal Reserve,
industrial production rose 0.6% in June, above expectations of a
0.3% rebound. Capacity utilization increased to 75.4%
from 74.9%, while robust auto production lifted the consumer
durables category, as the output of consumer energy products also
jumped.

4.
The oil rig count rose for the 3rd straight week.
The oil rig count rose by 6 to 357, according to oilfields
services giant Baker Huges. Meanwhile, the gas rig count rose by
1 to 89, bringing the total up 7 to 447. The count has
fluctuated in the last few weeks. It rose by the most in six
months two weeks ago as crude oil prices above $50 per
barrel encouraged some producers to bring rigs
online.

5.
Herbalife escaped being called a pyramid scheme, and its shared
spiked. The Federal Trade Commission reached an
agreement with Herbalife, that kept it from being labeled a
pyramid scheme. The FTC
opened a probeinto the company after hedge fund
manager Bill Ackman alleged that it operated like a pyramid
scheme — which would be illegal. The shares
jumped over 17% following the news Friday, rising to
their highest level since early
2014.

6.
Empire State Manufacturing
slumped. Manufacturing activity in New York
slumped unexpectedly. The general business conditions
index for July came in at 0.55, below economists'
expectations of 5.00. The July number
"indicates that business activity flattened out for
New York manufacturers," the report noted.

7. Citi
beat on Q2 earnings. The firm reported adjusted
earnings per share of $1.24 on revenue of $17.55
billion. Analysts were expecting adjusted earnings per
share of$1.10on revenue of
$17.56billion, according to
Bloomberg.

9.
Reports of an "uprising" in military in
Turkey. Turkey's military has
reportedly staged a coup around 4:15 p.m. ET, closing two
major bridges that lead into Istanbul and establishing a major
presence on the streets of Istanbul and Ankara. This story is
developing as of the time of this publishing.